Revolutionary Blockchain Partnership Announced By Microsoft, Goldman Sachs
Blockchain technology is the focus of a new partnership between Microsoft Corp, Goldman Sachs Group, Cboe Global Markets and Deloitte.
Its main objective is to develop a blockchain infrastructure that can connect institutional applications and encourage wider adoption of distributed ledger technology in financial markets.
According to a May 9 press release, the Canton Network will be an interoperable blockchain with privacy features designed for the institutional asset management industry. This will make it possible to synchronize different financial markets that were “previously isolated”.
Bloomberg calls the new venture “a collaborative effort that could be crucial for accounting technology in the financial market.” Additionally, the group is striving to integrate “applications from disparate institutions,” which could have a positive impact across the industry.
The global blockchain market is expected to surge from $7.18 billion in 2022 to $163.83 billion in 2029. Image: Forbes.
Tech and finance giants join forces on Blockchain project
Based on the report, Canton Network provides a safe and secure environment for financial platforms, facilitating the synchronization of money, data and assets between various applications.
This revolutionary technology represents a significant step towards addressing the challenges that financial platforms often encounter in their operations.
With Canton Network, financial platforms can be confident that their valuable resources are kept safe, while enjoying seamless integration and functionality.
JUST: Goldman Sachs, Microsoft, Deloitte and others partner to launch blockchain network.
—Watcher.Guru (@WatcherGuru) May 9, 2023
Canton Network: Improving privacy and control
Canton Network users, who will begin beta testing in July, say the system improves the status quo in terms of privacy and control. The expectation is to reach adequate scale and benchmark for banks and other financial institutions, according to a statement released by the companies.
When used properly, blockchain technology has the ability to “unlock” new opportunities in the market, according to Cathy Clay, executive vice president of Cboe Global Markets, which is one of the companies involved in the project.
Clay said:
“Tokenization of real-world assets can provide an unprecedented opportunity to create new market infrastructure and drive efficiency in trading products around the world.”
The network will unite blockchain applications built with Daml, the smart contract language developed by Digital Asset. The partnership is the result of years of blockchain research and development by tech and finance industry giants.
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The blockchain industry continues to grow
Digital Asset is a blockchain-based startup founded by former JPMorgan executive Blythe Masters and backed by some of the largest banking organizations in the world.
Deutsche Borse Group Head of Issuer Services and Emerging Digital Markets Jens Hachmeister highlighted the importance of solutions that link applications built with Daml.
For years, banks and other large companies have been working on and evaluating blockchain applications in hopes of simplifying and speeding up some of their more complex procedures.
Meanwhile, the global blockchain market is forecast to grow from $7.18 billion in 2022 to $163.83 billion in 2029 at a compound annual growth rate (CAGR) of 56.3% during the period forecasting, show data from Fortune Business Insights.
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